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CEW.TO vs. ZUQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CEW.TO vs. ZUQ.TO

Last updated Jun 13, 2026

CEW.TO (iShares Equal Weight Banc & Lifeco ETF) and ZUQ.TO (BMO MSCI USA High Quality Index ETF) are both exchange-traded funds - CEW.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD, while ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index. Both are passively managed. Over the past 10 years, CEW.TO returned 16.02%/yr vs 16.76%/yr for ZUQ.TO. At a 0.41 correlation, their price movements are largely independent. CEW.TO charges 0.61%/yr vs 0.33%/yr for ZUQ.TO.

Performance

CEW.TO vs. ZUQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Equal Weight Banc & Lifeco ETF (CEW.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CEW.TO achieves a 22.02% return, which is significantly higher than ZUQ.TO's 10.46% return. Both investments have delivered pretty close results over the past 10 years, with CEW.TO having a 16.02% annualized return and ZUQ.TO not far ahead at 16.76%.

CEW.TO

1D
1.03%
1M
9.08%
YTD
22.02%
6M
20.13%
1Y
51.89%
3Y*
31.90%
5Y*
19.14%
10Y*
16.02%

ZUQ.TO

1D
0.51%
1M
3.59%
YTD
10.46%
6M
5.75%
1Y
19.61%
3Y*
20.68%
5Y*
15.10%
10Y*
16.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CEW.TO vs. ZUQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CEW.TO
iShares Equal Weight Banc & Lifeco ETF		22.02%32.70%29.62%17.18%-6.76%29.51%-0.38%25.64%-12.71%12.06%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		10.46%5.80%34.06%33.29%-18.30%26.45%19.97%31.80%4.75%17.02%

Correlation

The correlation between CEW.TO and ZUQ.TO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.56

Correlation (3Y)
Calculated over the trailing 3-year period

0.45

Correlation (5Y)
Calculated over the trailing 5-year period

0.44

Correlation (10Y)
Calculated over the trailing 10-year period

0.43

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2014

0.41

The correlation between CEW.TO and ZUQ.TO shifts across timeframes, from 0.41 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.

CEW.TO vs. ZUQ.TO - Sectors Allocation Comparison

Sectors
CEW.TO
ZUQ.TO

Financial Services

100.0%
10.6%

Basic Materials

-

1.6%

Communication Services

-

14.5%

Consumer Cyclical

-

2.7%

Consumer Defensive

-

11.2%

Energy

-

0.2%

Healthcare

-

14.8%

Industrials

-

10.8%

Real Estate

-

-

Technology

-

33.5%

Utilities

-

0.1%

Financial Services

CEW.TO
100.0%
ZUQ.TO
10.6%

Basic Materials

CEW.TO

-

ZUQ.TO
1.6%

Communication Services

CEW.TO

-

ZUQ.TO
14.5%

Consumer Cyclical

CEW.TO

-

ZUQ.TO
2.7%

Consumer Defensive

CEW.TO

-

ZUQ.TO
11.2%

Energy

CEW.TO

-

ZUQ.TO
0.2%

Healthcare

CEW.TO

-

ZUQ.TO
14.8%

Industrials

CEW.TO

-

ZUQ.TO
10.8%

Real Estate

CEW.TO

-

ZUQ.TO

-

Technology

CEW.TO

-

ZUQ.TO
33.5%

Utilities

CEW.TO

-

ZUQ.TO
0.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Equal Weight Banc & Lifeco ETF

BMO MSCI USA High Quality Index ETF

Often compared with CEW.TO:
CEW.TO vs. XFN.TOCEW.TO vs. BMOCEW.TO vs. XDIV.TOCEW.TO vs. TEC.TOCEW.TO vs. VFV.TOCEW.TO vs. RY.TOCEW.TO vs. SPY
Often compared with ZUQ.TO:
ZUQ.TO vs. ZSP.TOZUQ.TO vs. ZGQ.TOZUQ.TO vs. VFV.TOZUQ.TO vs. VGG.TOZUQ.TO vs. XEQT.TOZUQ.TO vs. ZNQ.TOZUQ.TO vs. BNKS.L

Return for Risk

CEW.TO vs. ZUQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CEW.TO
CEW.TO Risk / Return Rank: 9696
Overall Rank
CEW.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
CEW.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
CEW.TO Omega Ratio Rank: 9797
Omega Ratio Rank
CEW.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
CEW.TO Martin Ratio Rank: 9595
Martin Ratio Rank
ZUQ.TO
ZUQ.TO Risk / Return Rank: 4848
Overall Rank
ZUQ.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
ZUQ.TO Sortino Ratio Rank: 4949
Sortino Ratio Rank
ZUQ.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZUQ.TO Calmar Ratio Rank: 4242
Calmar Ratio Rank
ZUQ.TO Martin Ratio Rank: 4343
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CEW.TO vs. ZUQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Equal Weight Banc & Lifeco ETF (CEW.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CEW.TOZUQ.TODifference
Sharpe ratioReturn per unit of total volatility
4.44
1.57

+2.87

Sortino ratioReturn per unit of downside risk
5.95
2.16

+3.79

Omega ratioGain probability vs. loss probability

1.82

1.30

+0.52

Calmar ratioReturn relative to maximum drawdown

7.32

1.86

+5.45

Martin ratioReturn relative to average drawdown

27.01

6.05

+20.95

CEW.TO vs. ZUQ.TO - Sharpe Ratio Comparison

The current CEW.TO Sharpe Ratio is 4.44, which is higher than the ZUQ.TO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of CEW.TO and ZUQ.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CEW.TO vs. ZUQ.TO - Drawdown Comparison

The maximum CEW.TO drawdown since its inception was -53.50%, which is greater than ZUQ.TO's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for CEW.TO and ZUQ.TO.

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Drawdown Indicators

CEW.TOZUQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-53.50%

-26.93%

-26.57%

Max Drawdown (1Y)

Largest decline over 1 year

-7.13%

-10.57%

+3.44%

Max Drawdown (3Y)

Largest decline over 3 years

-12.72%

-17.93%

+5.21%

Max Drawdown (5Y)

Largest decline over 5 years

-22.41%

-26.93%

+4.52%

Max Drawdown (10Y)

Largest decline over 10 years

-43.66%

-26.93%

-16.73%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.94%

-4.57%

-2.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

3.26%

-1.33%

Volatility

CEW.TO vs. ZUQ.TO - Volatility Comparison

iShares Equal Weight Banc & Lifeco ETF (CEW.TO) has a higher volatility of 3.79% compared to BMO MSCI USA High Quality Index ETF (ZUQ.TO) at 3.40%. This indicates that CEW.TO's price experiences larger fluctuations and is considered to be riskier than ZUQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CEW.TOZUQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.79%

3.40%

+0.39%

Volatility (6M)

Calculated over the trailing 6-month period

10.17%

9.92%

+0.25%

Volatility (1Y)

Calculated over the trailing 1-year period

11.74%

12.52%

-0.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.57%

16.37%

-2.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.06%

17.53%

-0.47%

CEW.TO vs. ZUQ.TO - Expense Ratio Comparison

CEW.TO has a 0.61% expense ratio, which is higher than ZUQ.TO's 0.33% expense ratio.

Dividends

CEW.TO vs. ZUQ.TO - Dividend Comparison

CEW.TO's dividend yield for the trailing twelve months is around 2.34%, more than ZUQ.TO's 0.43% yield.

PositionTTM20252024202320222021202020192018201720162015
CEW.TO
iShares Equal Weight Banc & Lifeco ETF		2.34%2.82%3.41%3.98%3.95%3.10%3.83%3.39%3.13%2.62%2.70%2.91%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		0.43%0.48%0.60%0.90%1.03%0.83%1.00%1.00%1.12%1.25%1.26%0.92%

Frequently Asked Questions

CEW.TO and ZUQ.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZUQ.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZUQ.TO is cheaper with a 0.33% expense ratio, compared with 0.61% for CEW.TO.

CEW.TO is categorized as Financials Equities, while ZUQ.TO is Large Cap Blend Equities. CEW.TO tracks Morningstar Gbl Fin Svc GR CAD, while ZUQ.TO tracks MSCI USA Quality Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.61% for CEW.TO and 0.33% for ZUQ.TO.

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